Statement by an IMF Mission to Jamaica

Press Release No. 11/113
April 4, 2011

Mr. Trevor Alleyne, the International Monetary Fund (IMF) mission chief for Jamaica, issued the following statement today in Washington:

“A Fund mission visited Jamaica during March 21–April 1, 2011 to begin a combined fourth and fifth review of the Stand-By Arrangement. The team reviewed recent macroeconomic developments and discussed with the government the economic policy initiatives planned for this year, and the parameters for the Fiscal Year 2011/12 budget.

“Much progress was made on the economic policies and structural reforms to be implemented in FY2011/12, as well as over the medium term to ensure fiscal sustainability and growth. The authorities and staff concur on the need to pursue policies to boost private-sector led activity and to implement public sector investment projects that reflect national priorities, as well as have a large impact on sustainable job creation and growth. Prioritization within the existing public expenditure envelope is key to adhering to the medium-term fiscal consolidation and debt reduction targets of the macroeconomic framework.

“The IMF team met with the Minister of Finance Hon. Audley Shaw, Bank of Jamaica Governor Brian Wynter, Financial Secretary Wesley Hughes, and senior officials. Discussions are scheduled to continue, with the aim of completing the combined fourth and fifth reviews of the Stand-By Arrangement by end-June 2011. The mission expresses its appreciation to the authorities and technical staff for their excellent cooperation.”